New Bill Could Help First-Time Homebuyers With Up to $15,000 for Down Payments

On June 11, members of the Senate Finance Committee brought back the Decent, Affordable, Safe Housing for All Act, also known as the DASH Act.

If this bill gets approved, first-time homebuyers could receive up to $15,000 to help cover their down payment.

How Would the Credit Work?

The credit would equal 20% of the home's purchase price, with a cap at $15,000. One helpful change in this version of the bill: instead of waiting until tax season to claim the money, eligible buyers could send the credit directly to their lender when they purchase the home.

To put this in perspective, the typical down payment in early 2026 was around $23,400. If someone received the full $15,000 credit, it would cover about 64% of that amount.

Why Is This Help Needed?

Home prices have been going up steadily, making down payments harder to afford. Many people have been stuck renting for years because they can't save enough to buy a home.

According to a National Association of REALTORS survey, the typical age of a first-time homebuyer has risen to 40 years old, and the average down payment is now 10% of the home's price—the highest level since 1989.

"A direct tax credit could help bridge that gap and bring more buyers off the sidelines," says Ralph DiBugnara, founder of Home Qualified, a real estate resource website.

Important Things to Know

Before getting too excited, keep these points in mind:

• The bill is not approved yet. It was just reintroduced, and there's no guarantee it will pass.
• There are income limits. Not everyone will qualify based on how much they earn.
• There's a five-year rule. If you sell the home within five years of buying it, there may be consequences.

What Can You Do Right Now?

If you're looking to buy a home and need to save money now, one option is to find a mortgage lender that doesn't charge origination fees.

These fees typically range from 0.5% to 1.2% of your loan amount. For a home priced at $422,000 (the median price in April), a 1.2% fee would cost you over $5,000.

"Every dollar a buyer saves on fees is a dollar that can be used toward a down payment, reserves, or future home expenses," says DiBugnara.

The Bottom Line

The DASH Act could be a big help for Americans struggling to afford a home. However, since it hasn't been approved yet, it's wise not to count on it.

In the meantime, explore ways to reduce your home-buying costs, and always speak with a licensed mortgage lender before making any decisions.

-

Need help with your down payment? Find resources and assistance here!